The cryptocurrency market is renowned for its unpredictable nature and it was witnessed through the downturn that it is experiencing today. Bitcoin [BTC] recorded a 2.3% daily drop and was trading at $62,300, at press time. Amid these market fluctuations, a relatively lesser-known token TIM is currently making news. Insiders have reportedly transformed a modest investment of $6,404 into a staggering $8.29 million within 24 hours through TIM.
The frenzy began when two newly established wallets decided to quickly sell off 44.78 Solana [SOL] tokens worth $6,404. This transaction was made to purchase a substantial partial of TIM, totaling 526.6 million tokens. This further represents more than half of the total supply. Additionally, the rapid succession of transactions was prompted as tokens were distributed across an array of addresses. These further indicated significant accumulation by insiders.
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Caution while selling?
The significant profits at hand have been garnering engagement. Therefore, insiders have commenced strategically selling off their TIM holdings in small portions to avoid attracting attention. These tactics aren’t very uncommon in the cryptocurrency arena. Furthermore, large transactions can swiftly influence prices and further lead to regulatory scrutiny or even market speculation.
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Additionally, this particular case raises broader questions about regulatory oversight in the overall market. Considering the decentralized nature and limited oversight mechanisms, several enter the cryptocurrency space to make quick profits. While the cryptocurrency market is all about upholding innovation, newer projects are often more dangerous than older ones. As a result, it is pertinent for investors to do their due diligence before pouring their funds into any profits.